Missed Questions- big quiz

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

each willful violation of the insurance statutes regarding unfair methods of competition may result in fines up to

$5,000

an insured purchased a variable life insurance policy with a face amount of $50,000. over the life of the policy, stock performance declined and the cash value fell to $10,000. if the insured dies, how much will be paid out?

$50,000

an insured is covered under 2 group health plans- under his own and his spouse's. He has suffered a loss of $2,000. After the insured paid the total of $500 in deductibles and coinsurance, the primary insurer covered $1,500 of medical expense. what amount, if any, would be paid by the secondary insurer?

$500

company C is developing its own advertising script to be used in their radio advertising campaign for their LTC policies. which of the following words or phrases would be allowed?

'benefits paid directly to you'

an insured pays a monthly premium of $100 for her health insurance. what would be the duration of the grace period under her policy?

10 days

what percentage of a company's employees must take part in a noncontribuitionary group life plan?

100%

group life insurance is a single policy written to provide coverage to a members of a group. which of the following statement's concerning group life is correct?

100% participation of members is required in noncontributory plans

how many consecutive months of coverage (other than in an acute care unit of a hospital) does LTC insurance coover?

12

how many consecutive months of coverage (other than in an acute care unit of a hospital) must LTC insurance provide in this state?

12

a client has a new individual disability income policy with a 20-day probationary period and a 30-day elimination period. ten days later, the client breaks their leg and is off work for 45 days. how many days of disability benefits will the policy pay?

15 days

if an employee has been continuously insured under a group health policy for at least 3 months prior to termination, the employee will be entitles to how many months of continued coverage (maximum)?

18 months

all group life policies must include a grace period lasting at least

31 days

how long must insurance companies, that issue health insurance benefit contracts in Kansas, keep records of the advertising used in marketing these products?

4 yeaars, or until the next examination y the commisioner

in the event a policy lapses due to nonpaymnet of premium, within how many days would the policy be automatically reinstated once the outstanding premium is paid?

45 days

in the event of a policy lapse due to nonpayment of premium, within how many days would the policy be automatically reainstated once the outstanding premium is paid?

45 days

once the person meets the stringent requirements for disability benefits under Social Security, how long is the waiting period before any benefits will be paid?

5 months

to attain currently insured status under Social Security, a worker must have earned at least how many credits during the last 13 quarters

6 credits

which of the following is not possible punishment for a violation of general provisions of the Kansas insurance code?

a maximum fine of $10,000 for a willful violation

which of the following names beneficiaries would not be able to receive the death benefit directly from the insurer in the event of the insured's death?

a minor son of the insured

the term "illustration" in a life insurance policy refers to...

a presentation of nonguaranteed elements of a policy

how often must insurer renew a producer's appointment?

annually

all of the following statmeent are false regarding licensing except...

applicants must pass a state licensing exam

an agent is ready to deliver a policy to an applicant but has not yet received payment. upon delivery, the agent collects the applicants premium check, answers any questions the applicant may have, and then leaves. what did he forget to do?

ask her to sign a statement of good health

all of the following are true of the federal tax advantages of a qualifies plan except

at distribution, all amounts received by the emloyee are tax free

all of the following are duties and responsibilities of producers at the time of application except

change any incorrect statement on the application by personally initialing next to the corrected statement

an insurer neglects to pay a legitimate claim that is covered under the terms of the policy. which of the following insurance principles has the insurer violated?

consideration

an applicant for an individual health policy failed to complete the application properly. before being able to complete the application and pay the initial premium, she is confined to a hospital. this will not be covered b insurance because she has not met the conditions specified in the...

consideration clause

if an employee terminates her employment, which of the following provisions would allow her to continue health coverage under an individual policy, if requested within 31 days?

conversion

a small company offers group health insurance to its employees, but recently has decided to terminate the health insurance contract, leaving the workers without insurance. what can the employees do regarding their insurance?

convert to an individual health policy

all health policies issued in this state must provide all of the following benefits related to adopted children except...

coverage for adopted children may be excluded at the discretion of the insurer

what amount of care is provided in LTC's intermediate care?

daily care by medical professionals

an individual has just borrowed $10,000 for his bank on a 5-year installment loan requiring monthly payments. what type of life insurance policy would be best suited to this situation

decreasing term

which of the following terms is used to name the nontaxed return of unused premums?

dividend

which is true about the cash surrender nonforfeiture option?

funds exceeding the permium paid are taxable as ordinary income

in life insurance policies, cash value increases

grow tax deferred

in life insurance policies, cash values increases...

grow tax deferred

which of the following is incorrect concerning taxation of disability income benefits?

if paid by the individual, the premiums are tax deductible

in order to maintain coverage under COBRA, how soon from termination of employment must an employee exercise extension of benefits?

in order to 60 days

life income joint and survivor settlement option gurantees...

income for 2 or more recipients until they die

a return of premium term life policy is written as wat type of term covergage?

increasing

what type of insurance would be used for a Return of Premium rider?

increasing term

the patient protection and affordable care at includes all of the following provisions except...

individual tax deduction for premiums paid

the Medical Information Bureau (MIB) was created to protect...

insurance companies from adverse selection by high risk persons

the section of a health policy that states the casuses of eligible loss under which an insured is assumed to be disabled is the

insuring clause

what is not a benefit of a POS plan?

it allows guaranteed acceptance of all applicants

what is the benefit of choosing extended term as a nonforfeiture option?

it has the highest amount of insurance protection

when a reduced-paid up nonforfeiture option is chosen, what happens to the face amount of the policy?

it is reduced to the amount of what the cash value would buy as a single premium

which of the following is true of a children's rider added to an insured's permanent life insurance policy?

it is term coverage that is convertible to permanent insurance at or prior to the child reaching the maximum coverage age

which of the following is true about the premium on the childen's rider in a life insurance policy?

it remains the same no matter how many children are added to the policy

which statement is not true regarding a straight life policy?

its premium steadily decreases over time, in response to its growing cash value

the provision which prevents the insured from beinging any legal action against the company for at least 60 days after proof of loss is known as...

legal actions

which two terms are associated directly with the premium?

level or flexible

which of the following best describes the unfair trade practice of defamation?

making derogatory oral statements about another insurer's financial condition

an applicant for a health insurance policy returns a completed application to her agent, along with a check for the first premium. she receives a conditional receipt two weeks later. which of the following has the insurer done by this point?

neither approved the application nor issued the policy

all of the following are duties of an agent involved in policy replacement except...

notify any insurer whose insurance is being replaced within 3 working days

in long-term care insurance, what type of care is provided with instermediate care?

occasional nursing or rehabilitation care

prior to purchasing a Medicap policy, a person must be enrolled in which of the following?

parts A and B of Medicare

Don has both a basic expense and a major medical policy. he is injured in an accident, which requires several major surgeries. this quickly exhausts Don's basic expense policy. what must Don do before his major medical policy can pick up where the basic expenses left off?

pay a special deductible on his major medical policy

which of the following riders would not cause the death benefit to increase?

payor benefit rider

a guaranteed renewable health insurance policy allows the...

policyholder to renew the policy to a stated age, with the company having the right to increase premiums on the entire class

regarding the taxation of Business Overhead policies...

premiums are deductible, and benefits are taxed

which of the following describes taxation of individual disability income insurance premiums and benefits?

premiums are not tax deductible, and benefits are not taxable

certain conditions, such as dismemberment or total and permanent blindness, will automatically qualify the insured for full disability benefits. which disability policy provision does this describe?

presumptive disability

under the accidental death and dismemberment (AD&D) coverage, what type of benefit will be paid to the beneficiary in the event of the insured's accidental death?

principal sum

what type of care is respite care

relief for a major care giver

disability income polices can provide coverage for a loss of income when returning to work only part-time after recovering from total disability. what is the benefit that is based on the insured's loss of earning after recovery from a disability?

residual disability

if an agent wishes to sell variable life policies, what license must the agent obtain?

securities

all of the following are mandatory life insurance policy provisions except

sharing commisions

which of the following determines the length of time that benefits will be received under the Fixed-Amount settlement option?

size of each installment

which of the following determines the length of time that benefits will be received under to Fixed-Amount settlement option?

size of each installment

the advantages of qualifies plans to employers is...

tax-deductible contributions

which of the following may not be included in an insurance company's advertisment

that its polies are covered by a state guaranty association

all of the following entities regulate variable life policies except...

the Guaranty association

all of the following statements about equity index annuities are correct except...

the annuitant receives a fixed amount of return

which is true regarding obtaining underwriting sources?

the applicant must be informed of the sources contacted and how the information is being gathered

if the annuitant dies during the accumulation period, who will receive the annuity benefits?

the beneficiary

which of the following manages the Kansas life and Health Insurance Guaranty association?

the board of directors

which of the following describe the tax advantages of a qualified retirement plan?

the earnings in the plan accumulate tax deferred

the period of time immediately following a disability during which benefits are not payable is

the elimination period

in which of the following situations would replacement rules apply?

the existing life insurance is converted into paid-up insurance

which statement is true about the proceeds of a life insurance policy?

the lawful beneficiary is entitled to all policy benefits free from all claims of creditors or representatives of the insured's estate

which of the following is true regarding elimination periods and the cost of coverage?

the longer the elimination period, the lower the cost of coverage

what is the advantage of reinstating a policy instead of applying for a new one?

the original age is used for premium determination

in a life settlement contract, whom does the life settlement broker represent?

the owner

all of the following are true regarding a decreasing term policy except...

the payable premium amount steadily declines throughout the duration of the contract

which of the following determines the cash value of a variable life policy?

the performance of the policy portfolio

a policy with a 31-day grace period impliez...

the policy will not lapse for 31 days if the premium is not paid when due

which of the following is true regarding the premium in term polices?

the premium is level

an insured has chosen join and 2/3 survivor as the settlement option. what does this mean to the beneficiaries?

the surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries were alive

which of the following is true about nonforfeiture values?

they are required by state law to be included in the policy

which of the following employees insured under a group life policy would be allowed to convert to individual insurance of the same coverage once the plan is terminated?

those who have been insured under the plan for at least 5 years

which of the following products requires a securities license?

variable annuity


संबंधित स्टडी सेट्स

Chapter 4 - Basics of Health Insurance

View Set

Trigonometric Function Translations

View Set

General Psychology Study Guide for Final

View Set